IVA caseload jumps at Cleardebt

TIMPERLEY-based debt management firm Cleardebt said it handled a record number of individual voluntary arrangement (IVA) cases in September.

The increase contributed to a tally of 355 cases in the first quarter, up on 176 in the same period last year.

Last month Cleardebt hailed “another excellent year” with growth fuelled by its acquisition of the business and assets of Relax Group, which owned the debts.co.uk website.

The firm saw its revenues virtually double to £6.6m (2009: £3.4m) in the year to June 30, and said that earnings before interest, tax, depreciation, amortisation and other exceptionals more than doubled to £2m, from £700,00 a year earlier.

However, once the costs associated with the Relax Group acquisition and other costs were added in, its pre-tax profits remained largely flat at just over £465,000.

The company will hold its annual meeting in Timperley on November 1.